Santa Barbara Real Estate Voice

Its Official: $8,000 Home Buyer Tax Credit and New $6,500 Bonus Kicker Law to be Passed for 2010

Kevin — Fri, 06 Nov 2009 10:06:50 +0000

The Senate this week passed an extension of the $8,000 Home Buyer Tax Credit for new home buyers and added on as a “kicker” to the plan a $6,500 bonus for those who are buying a new home and have lived in their old home for 5 of the 8 previous years. From everything that we are hearing and reading, The House of Representatives is expected to pass this new bill and the White House has also given every indication that they will sign it once they receive it.

So what does it mean to us here in the Santa Barbara area?

Here are the details…

First Time Home Buyers: This we have already learned and it is simply an extension of the $8,000 home buyer tax credit to contracts signed by April 30 and closed by June 30, 2010. As we all had read and heard, this bill was set to expire at the end of November 2009. To be considered a “First-time home buyer”, you technically are not to have owned a residence within the past three years.

Current Existing Homeowners: $6,500 credit for those who buy a new home here in the coming months and have lived in your current house at least five of the last eight years.

Time Line: Contracts signed by April 30, 2010 and closed by June 30, 2010.

Home Requirement: Principal residences priced at $800,000 or less.

Income Limits: Single $75K to $125,000, Joint filers $150K to $225,000.

Further Reading:

For information on Real Estate here in Santa Barbara, Montecito and/or our surrounding areas, as well as any other aspects of life in our area, please don’t hesitate to contact Kevin Schmidtchen at Sotheby’s Int’l Realty.

Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to contact me or comment below with any thoughts.

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$729,750 Conforming Loan Limit for Santa Barbara CA. Extended Through 2010

Kevin — Fri, 06 Nov 2009 09:35:32 +0000

As reported by the National Association of Realtors…

President Obama late last week signed a congressional resolution to extend through 2010 the current conforming loan limits of $417,000 for most areas in the U.S. and $729,750 for high-cost areas, including many in California such as we have here in the Santa Barbara area.

Both C.A.R. and N.A.R have long advocated in making these higher conforming loan limits a permanent reality. As a result of the efforts on behalf of both the C.A.R.’s and NAR’s, a provision of the Housing and Economic Recovery Act of 2008 included temporarily raising the conforming loan limits. Last week’s actions effectively extend the higher conforming loan limits for Fannie, Freddie, and FHA loans through 2010.

What does this technically all mean?

The conforming loan limit determines the maximum size of a mortgage that Government Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac, and the Federal Housing Administration (FHA) can buy or “guarantee.” Non-conforming or “jumbo loans” as they are commonly know here in Santa Barbara, typically carry higher mortgage interest rates than conforming loans, thus increasing monthly payments and hampering the ability of all of us that live in such a beautiful place as Santa Barbara to purchase homes by making them less affordable.

Further Reading:

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The Top 10 Most Expensive Homes Sold in Carpinteria CA. in 2009

Kevin — Mon, 02 Nov 2009 13:37:10 +0000

Year to date, here is a list of the top 10 most expensive real estate properties sold in Carpinteria CA.

3447 / 3445 Padaro Lane, Carpinteria CA., 93013. Sold for $6,350,000. A true beach house located directly on the sand in a wonderful part of Padaro Cove. Large expansive wooden deck, wonderful view windows that bring the outdoors inside. There is a detached private 2 bedroom guest home. Newer landscape, outdoor shower, newer carpet and paint. A true Beach Home ready for new owners.
3284 Beach Club Road, Carpinteria CA., 93013. Sold for $6,100,000. A very private hideaway tucked away at the coveted cove on Beach Club Rd. This wonderful home offers tremendous views of the ocean & mountains. A charming beachfront 2 bedroom home plus loft is for the first time on the market. A magical cottage offers a special ambiance in which to enjoy dramatic sunrises, dining al fresco, & the comfortable luxury of seaside living only minutes from Montecito and Santa Barbara.
168 Rincon Point Road, Carpinteria CA., 93013. Sold for $5,500,000. A Beachfront Home at The Rincon. Located just south of Santa Barbara and on the sand in the coveted gated “Rincon Beach Colony”, well known for its world-class surfing point. A Cape Cod style home offering ocean views from almost every room. A total of 3 bedrooms, 4 baths plus a studio and bath over the detached garage. A True magical getaway to an ocean lover’s paradise.
196 Rincon Point Road, Carpinteria, CA., 93013. Sold for $3,700,000. This incredible 1950’s beach retreat is located at the world famous Rincon Point, with gorgeous views of the ocean and the creek. Located just off the beach but with direct white water views and easy beach access, this property is filled with refreshing cool breezes and a peaceful setting.
4973 El Carro Lane, Carpinteria, CA., 93013. Sold for $1,050,000. A newly constructed elegant single family home located on the mountain side of Carpinteria, one of California’s most enchanting small beach towns. Numerous upgraded / modern amenities throughout including wood floors, granite, tile, crown molding, voluminous ceilings, Kitchen Aid appliances & more. Beautifully landscaped yards w/accent pavers & colored concrete driveway, patios, front porch & walkways.
4886 El Carro Lane, Carpinteria, CA., 93013. Sold for $1,050,000. A newly constructed elegant single family home located on the mountain side of Carpinteria, one of California’s most enchanting small beach towns. Numerous upgraded / modern amenities throughout including wood floors, granite, tile, crown molding, voluminous ceilings, Kitchen Aid appliances & more. Beautifully landscaped yards w/accent pavers & colored concrete driveway, patios, front porch & walkways.
138 Toro Canyon Road, Carpinteria, CA., 93013. Sold for $1,050,000. A truly beautifully remodeled & incredibly spacious 4,500 sf 4 bed, 3 bath home located on a very usable .4 acre site at the bottom on Toro Canyon Rd. A newer kitchen w/ granite counters, roughly 8 yr old family rm/loft addition w/ 19ft ceilings, 2 fireplaces, spacious master w/ beautiful built in shelving, 2 different heat systems, A/C, dual pane windows, 3 car garage & more.
5566 Retorno Street, Carpinteria, CA., 93013. Sold for $1,000,000. Classic Conch Loma beach area home, located just a few blocks from the beach, trails and bluffs. This home has never been offered for sale in the MLS and has been extremely well maintained by its owner. Abundant natural light, cozy living room with fireplace and a large deck for entertaining and enjoying the mature private gardens . Oak floors under the carpet and newer roof.
4249 El Carro Lane , Carpinteria, CA., 93013. Sold for $920,000. A newly constructed elegant single family home located on the mountain side of Carpinteria, one of California’s most enchanting small beach towns. Numerous upgraded / modern amenities throughout including wood floors, granite, tile, crown molding, voluminous ceilings, Kitchen Aid appliances & more. Beautifully landscaped yards w/accent pavers & colored concrete driveway, patios, front porch & walkways.
4382 El Carro Lane, Carpinteria, CA., 93013. Sold for $880,000. A newly constructed elegant single family home located on the mountain side of Carpinteria, one of California’s most enchanting small beach towns. Numerous upgraded / modern amenities throughout including wood floors, granite, tile, crown molding, voluminous ceilings, Kitchen Aid appliances & more. Beautifully landscaped yards w/accent pavers & colored concrete driveway, patios, front porch & walkways.

Further Reading:

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The Secret of Santa Barbara CA. Foreclosures - Update October 2009

Kevin — Thu, 15 Oct 2009 15:02:50 +0000

Where is the real estate market today with regards to foreclosures here in Santa Barbara CA?

The answer to this really depends on the specific areas of Santa Barbara you are talking about as well as specific price points. Santa Barbara is simply too unique of a town to pinpoint a “foreclosure label” at any level, on any certain part of our real estate market. You really have to look at the individual markets and areas within our community.

For example, lately in the national news we have been bombarded by information and statistics about how the high end luxury real estate markets are seeing a lot of distressed properties and bank owned properties. Here in the Santa Barbara area, most people would consider Montecito and Hope Ranch to be 2 of our prominent high end areas. So far since the start of 2009, there have been only a total of 10 combined short sales and foreclosures in these areas. In addition, all of these have been from the $900,000 to the $2 million price point…not what most everyone would consider our luxury market. Total Active Listings during this same period in the Montecito and Hope Ranch areas have been 392…not too dramatic of a percentage of foreclosures and short sales (roughly 2% of the market).

In Santa Barbara proper, foreclosures and short sales are spread unevenly throughout the market and are predominantly located in the lower price points of our market. For example, in the Santa Barbara MLS year to date in Santa Barbara proper, we have had approximately 55 bank-owned/foreclosure properties. Of these 55 properties, more than 85% of these listings are condos and/or entry level single family homes below the $600,000 price point. This compares to where the “average home” in Santa Barbara proper tends to sell between the $750,000 and $1.2 million price point. Additionally, there have been year to date 810 new listings this year in Santa Barbara proper. Thus foreclosures represent only 7% of our market here in Santa Barbara proper.

Where are we headed in the near future here in Santa Barbara?

No one seems to really be able to answer this question precisely. What is definite is that we will still see some short sales and foreclosures here in our area in the coming few years. Whether they will increase in numbers, stay where they have been or decrease is the golden question. Based on the last 2 years’ information, I assume that at whatever levels they come at, we will continue to see the same general areas having the most short sales and foreclosures as well as within the same general price points.

View: Current Inventory of Short Sales in Santa Barbara

View: Current Inventory of Foreclosures in Santa Barbara

Further Reading:

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Ty Warner’s Major Renovation of Montecito Country Club - Jack Nicklaus Design

Kevin — Wed, 14 Oct 2009 07:59:04 +0000

For golf fans here in the Montecito and Santa Barbara CA. area, a treat is on the horizon. Local billionaire developer, Ty Warner is adding to his portfolio of revamping major luxury properties here in Santa Barbara and Montecito.

Having in the last few years already “done up” The San Ysidro Ranch, The Biltmore and The Coral Casino, Mr. Warner has now set his sites on golf in the form of Montecito Country Club. Mr Warner has already received approval of the project and to everyone’s delight is working with Jack Nicklaus on the new course design.

Estimated dates of completion are still not known for sure, but I would not expect anything until late 2010 at least.

View: (provided by The Santa Barbara Independent) A more visual detailed look at what is in store

Further Reading:

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How to Find All the Goleta and Carpinteria CA. Foreclosures and Short Sales Statistics

Kevin — Mon, 12 Oct 2009 13:00:21 +0000

Just read below…

Here are the latest statistics on short sales and foreclosures in both Goleta and Carpinteria CA.

Carpinteria Foreclosures - 2009 year to date

In Carpinteria CA., year to date there have been 28 bank owned / foreclosures that have come to market.
Roughly 10% of all listings in Carpinteria year to date have been foreclosures.
The lowest sale was a 2 beds 1 bath mobile home that sold for $60,000.
The highest sale was a 5 beds 3 baths home located at 5427 Cameo Road that sold for $700,000.
Currently there are 6 Active foreclosures for sale in Carpinteria CA.

Carpinteria Short Sales - 2009 year to date

In Carpinteria CA., year to date there have been 37 short sales that have come to market.
Roughly 14% of all listings in Carpinteria year to date have been short sales.
The lowest sale was a 3 beds 2 baths mobile home that sold for $112,000.
The highest sale was a 5 beds 2 baths home located at 4585 El Carro Lane that sold for $555,000.
Currently there are 11 Active short sales for sale in Carpinteria CA.

Goleta Foreclosures - 2009 year to date

In Goleta CA., year to date there have been 62 bank owned / foreclosures that have come to market.
Roughly 8% of all listings in Goleta year to date have been foreclosures.
The lowest sale was a 1 bed 1 bath condo located at 5512 Armitos Avenue #45 that sold for $190,500.
The highest sale was a 5 beds 4 baths home located at 4821 Rhoads Avenue that sold for $725,000.
Currently there are 6 Active foreclosures for sale in Goleta CA.

Goleta Short Sales - 2009 year to date

In Goleta CA., year to date there have been 62 short sales that have come to market.
Roughly 8% of all listings in Goleta year to date have been short sales.
The lowest sale was a 2 beds 1 bath condo located at 7386 Calle Real #18 that sold for $290,000.
The highest sale was a 4 beds 2 baths home located at 5258 Calle Barquero that sold for $750,000.
Currently there are 12 Active short sales for sale in Goleta CA.

As the statistics show, most all of our short sales and foreclosures seem to be happening in the entry level markets under the $700,000 price point.
Further Reading:

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How is the Hope Ranch CA. Real Estate Market Holding Up with Foreclosures and Short Sales?

Kevin — Fri, 09 Oct 2009 11:53:52 +0000

With the reality of the overall real estate market in the U.S. here in the last 2 years, it is inevitable that I am asked about short sales and foreclosures. Most of this though is generated from people interested in the entry level price points up to about $2 million. Here and there though I am asked by someone about the state of foreclosures and short sales in Hope Ranch and our other luxury areas here in Santa Barbara CA. and Montecito CA. Being that there is so much doom and gloom across the U.S. with the housing market and lately a lot of this effecting the high end neighborhoods, this is a very normal question.

So where are we with foreclosures and short sales in Hope Ranch?

Not too dramatic if you ask me. I have talked with many title reps, lenders and searched myself on several “foreclosure sites” to try and get an insight as to where we are at. If you look at these sites as well as talk to “informed” people, it is hard not to think that a lot more bank owned properties and/or short sales would/should be coming on the market. These sites track everything from 1st payment missed, to notice of default, to short sales, to imminent disaster and the list goes on. Yet, inevitability we are not seeing this “information” translate into numerous bank owned homes and/or short sales hitting our luxury market.

Here are the numbers from the MLS for Short Sales and Bank Owned Homes in Hope Ranch - 2 since January 1, 2008.

825 Las Palmas Drive, Santa Barbara CA 93110 SHORT SALE, Asking Price $1,975,000 sold for $1,540,000 in August 2009.

4449 Vieja Drive, Santa Barbara CA 93110 SHORT SALE, Asking Price $$2,195,000 still Active for Sale.

It is obvious that Hope Ranch and most all of our luxury market seems to so far be holding up incredibly well when it comes to short sales and bank owned properties. This is good for everyone.

View: Current Hope Ranch Luxury Real Estate Listings

Further Reading:

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Any Luxury Homes in Foreclosure in Montecito CA?

Kevin — Tue, 06 Oct 2009 12:26:59 +0000

A few times a month for the last year or so I have been asked by someone about the state of foreclosures in Montecito and our other luxury areas here in Santa Barbara CA. Being that there is so much doom and gloom across the U.S. with the housing market and lately a lot of this effecting the high end neighborhoods, this is a very normal question.

So what is the state of foreclosures in Montecito and our luxury areas?

Not too dramatic if you ask me. I have talked with many title reps, lenders and searched myself on several “foreclosure sites” to try and get an insight as to where we are at. If you look at these sites as well as talk to “informed” people, it is hard not to think that a lot more bank owned properties would/should be coming on the market. These sites track everything from 1st payment missed, to notice of default, to imminent disaster and the list goes on. Yet, inevitability we are not seeing this “information” translate into numerous bank owned homes hitting our luxury market and the local MLS.

Here are the numbers from the MLS - 8 Bank Owned homes in Montecito since January 1, 2009. This translates into only roughly 1 bank-owned property per 5-6 weeks. Here is the list:

157 Loureyo Road, Montecito CA 93108 - Asking Price $1,150,000 sold for $825,000 after 240 days on the market.

2166 East Valley Road, Montecito CA 93108 - Asking Price $967,900 sold for $939,000 after 50 days on the market.

601 Alston Road, Montecito CA 93108 - Asking Price $1,200,000 sold for $1,167,250 after 7 days on the market.

502 Hodges, Montecito CA 93108 - Asking Price $1,299,000 sold for $1,250,000 after 65 days on the market.

300 North Sierra Vista Road, Montecito CA 93108 - Asking Price $1,425,000 sold for $1,095,000 after 228 days on the market.

250 Bonnie Lane, Montecito CA 93108 - Asking Price $1,587,400 sold for $1,800,000 after 9 days on the market.

940 Channel Drive, Montecito CA 93108 - Asking Price $1,980,000 sold for $2,450,000 after 9 days on the market.

3060 Hidden Valley Lane, Montecito CA 93108 - Asking Price $1,504,800 still Active on the market…

The obvious thing about these statistics above is that none of these properties are in what we would call the luxury market ($3 million and above). It seems to be that owners that are in trouble in these price points are somehow finding out a way to avoid letting their homes go into default…which is great news for them and everyone.

View: Current Montecito Luxury Real Estate Listings $5 Million and Above

Further Reading:

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Rare Opportunity not to be missed!! - New Listing 3354 Cliff Drive Santa Barbara CA 93109

Kevin — Thu, 01 Oct 2009 13:17:14 +0000

3354 Cliff Drive, Santa Barbara CA 93109

Rare Opportunity not to be missed!! The Trust has priced this home to sell.

Approximately 1.6 almost flat acres located next to Hope Ranch, and Hendry’s Beach in the prestigious Campanil Hill/Yankee Farm area. A charming early 1950’s 3 beds 3 baths home in original condition sits on the property with a detached garage and an additional detached structure (studio/sun room). A very peaceful setting, with mature landscape including numerous avocado and fruit trees. Remodel or build your dream home. Property backs up to horse trails. Potential peak ocean views with a 2nd story addition. Property has an agricultural water meter.

View: Map or Property

Asking Price: $1,175,000

View: Multiple Pictures

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The Latest Chapala Luxury Townhome Project, El Andaluz - Santa Barbara CA.

Kevin — Tue, 29 Sep 2009 13:27:55 +0000

The familiar designs of Jeff Shelton here in Santa Barbara, CA. are now well recognized. His latest development called

El Andaluz, located at 531 Chapala Street is a 3-story, Moroccan influenced condominium project designed around an open-air courtyard. A total of seven very high quality residential homes with luxurious finishes are now for sale. According to the website, full construction of the complex will be completed by the end of 2009, 3 of the 7 have sold and one is currently pending sale (under contract).

Based on the results of last few major projects that are lining this corridor, El Andaluz is doing fairly well and meeting buyers needs on both the product and price point.

The units asking prices are mostly around the $2.4 million price point and list the following as features:

ranging from approximately 2100 - 3500 sqft. of living space
ranging from approximately 300-400 sqft. of open deck/patio space
private garages and elevators
10 - 12 ft. high ceilings
2-3 bedrooms with 2-3.5 baths

Further Reading:

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